Nifty support 10585 Res: 11300

NSE:NIFTY   Nifty 50 Index
198 0

I am Expecting a support around 10585 (also see 21st july post).

I was expecting a bounce from 11200 rage in my last posting,but it didn’t workout, which was actually confluence of 200 dma and a falling TL etc. But our main count is expecting all these possibilities of Nifty moving towards 10585 or even 10004 .

I am Not able to confirm wave 3 even, due its swift internal move, the wave are not clear, so the wave completion also is in distrust. Unless we get clarity on pattern one cannot be sure. Hence I am following the best suitable hypothesis.

I am thinking that we are in wave 5, from 10004. First view as I said in the past, Nifty can form an ENDING DIAGONAL , which can bring down nifty to 10585 and below.

Second possibility is that, 10760 is the top of wave 3 and we are now in C of the huge irregular correction. This can bring us to 10004 and below.

Yet another Hypo is that, wave 5 is completed at 12103 and this also complete an intermediate wave (5) even ,so we are in wave 4 primary as I mentioned earlier. This can bring down nifty to 10316 to 9210 level. Reason is minimum retracement for primary wave 4.

I am not analyzing here the Government policies and the waiting SEBI decision on taxes etc. But if that is not favorable to market we are doomed in market.

I hope this will give some clarity on my view. Those who have objection may write with clarity if you wish to write something. Many views having opposition about the count due to its incompatibility, mainly the alteration rules of corrective waves, but do we have a count that can be acceptable without compromise.
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